Buyer Beware When Removing Contingencies!

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Buyer Beware When Removing Contingencies

As a Real Estate Professional, I understand the frustration that Home Buyers are having in this extremely competitive  "Sellers Market". Some agents are advising their buyers to remove contingencies to make their offers more competitive in the fast paced "Sellers Market" but should they?

Buyer Beware! When you remove the contingencies in place, you typically have no recourse from these issues!

The most important contingencies include:

Home Inspections – including mold, well/septic, structural, geological. I always recommend getting an Independent Home Inspection,  even if you opt to purchase the property "AS-IS" You need to know what you are purchasing, especially if the inspection reveals major defects. 

Lending Approvals Needed: the appraisal, title, loan rate and terms, final loan approval. Some loan products will allow buyers to waive the appraisal. If you are comfortable with your offering price and it makes financial sense, this one is ok. But don't overlook the total costs of the purchasing a home. Make sure you understand the terms of the loan and the financial impact of buying in this market.

Property Condition –your final walk-through, ensuring the property has been well maintained during the escrow period. Please don't skip this step. You want to make sure that the home is in the same condition when listed and all repairs, if needed were completed with receipts for the work performed.

In this advancing market with prices rising at a steady pace, don't risk waiving these contingencies without consulting your Realtor and Lender.


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